No US Economic Recovery This Year: IMF Chief

Saturday, May 03, 2008 11:59

International Monetary Fund chief Dominique Strauss-Kahn said Friday that he does not see the US economy recovering from its current doldrums this year.

International Monetary Fund Managing Director Dominique Strauss-Kahn (L) with French Prime Minister Francois Fillon and Economy Minister Christine Lagarde (C) walk after their meeting at the IMF headquarters building in Washington, DC. Strauss-Kahn said Friday that he does not see the US economy recovering from its current doldrums this year.(AFP/Yuri Gripas)

Describing a US government labor report Friday that showed fewer than expected job losses as a "flash in the pan," the IMF managing director said "the medium-term trend remains what has been forecast and the US economy would not be on the road to recovery before the end of the year."

The IMF has forecast a "mild recession" in the United States, with annual growth a paltry 0.5 percent.

Strauss-Kahn, speaking to reporters after meeting with French Prime Minister Francois Fillon at IMF headquarters, cautioned that "one must wait to see the next US data."

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